Becoming a dollar millionaire in India is an extraordinary achievement, says financial planner D Muthukrishnan. He argues that reaching a net worth of $1 million (around ₹8.7 crore, excluding primary residence) places individuals in an elite financial bracket.
Sharing his perspective on X (formerly Twitter), Muthukrishnan compared India’s wealth landscape with two of the richest nations in the world — Singapore and Switzerland.
“I’ve been to Singapore many times. They have a population of 6 million people, out of which 0.3 million are dollar millionaires. This is 5% of the population. Becoming a dollar millionaire is an aspirational goal for many Singaporeans. It is a sign of achievement,” he wrote.
He then drew parallels with Switzerland. “Population of Switzerland is 9 million. 0.5 million people are millionaires. This is again 5% of the population. Even for Swiss, becoming a millionaire is an aspirational goal.”
According to Muthukrishnan, achieving this milestone in India is even more remarkable. “So, if you are a dollar millionaire in India, your wealth achievement is phenomenal,” he stated.
His remarks ignited a discussion on wealth creation, real estate, and financial mobility in India. Some users pointed out that property prices have skyrocketed, making many landowners significantly wealthy on paper.
“In that case, India might top the charts soon — real estate prices are skyrocketing, and in rural areas, large land holdings are passed down generations without ever being sold. Wealth here isn’t always liquid, but it’s definitely substantial!” one user commented.
Another compared the status of millionaires in India versus Singapore. “Being a dollar millionaire in India is like being a billionaire in Singapore — except with more traffic and spicier food. Switzerland and Singapore may have 5% millionaires, but in India, you’re in the elite of the elite. Enjoy it… and maybe don’t check property prices in Mumbai,” the person wrote.
However, not everyone agreed. One user argued that amassing such wealth without inherited assets is nearly impossible in India. “Excluding generational wealth; I don’t think it’s possible for anyone to achieve Dollar Millionaire Badge during working age in India,” they wrote.
Another speculated that India has more millionaires than official data suggests, pointing to undisclosed income. “Believe me, in India, there must be close to 4% dollar millionaires, just see real estate prices here. Most people don’t show the income to gov. Landlords, docs, lawyers, many shop owners,” they claimed.